The National E-Governance Services Ltd. (NeSL) on September 24, 2024, issued a circular regarding Foreign Currency Electronic Bank Guarantee (e-BG).
The following has been stated: -
•NeSL e-BG supports both INR and foreign currencies, but banks must report amounts correctly to avoid issues.
•In the e-BG API, foreign currency amounts should be reported in their respective currencies for sanctions and outstanding totals.
•However, the e-stamp details must always be provided in equivalent INR.
•Banks are advised to ensure compliance during the issuance and lifecycle of foreign currency e-BGs.
The detailed circular is given in the document below.
[Circular No.: NeSL/FC/2024/0168]
